Bahamas Petroleum granted Environmental Authorisation for Perseverance 1
revealed on Thursday that it has been granted Environmental Authorisation from The Government of The Bahamas to drill the Perseverance #1 well.
The AIM-listed firm said it was granted rights to drill the well in accordance with the Environmental Authorisation (EA) it submitted to the Bahamas Minister of Environment.
Simon Potter, Chief Executive Officer, said: “This is the outcome of an extensive and collaborative work effort over an extended period of time by our team of predominately Bahamian employees, various third-party consultants, and The Government and Ministry, advised by the BEST Commission.”
Shares in Bahamas jumped 7.78% to 4.85p during Thursday morning trading
The Environmental impact assessment was originally submitted in 2012, having been open to public scrutiny and comment since.
Mr. Potter said: “Today's approval reflects our steadfast commitment to ensuring that Perseverance #1 will be drilled in an entirely safe and responsible manner, in full compliance not only with the stringent laws and regulations in place in The Bahamas, but also in accordance with all applicable international standards, and adherence to global best practices as defined by the guidelines and performance measures adopted by multiple international agencies.”
Mr. Potter added that the company remains on track for a well spud in April 2020.
Bahamas Petroleum is drilling the island nation’s first well, targeting recoverable prospective resources of 0.7 - 1.4 billion barrels of oil.
The company also said it was working with the Bahamas Government to a final agreement on the amount of licence fees payable, with a view to finishing in the next 60 days.
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